Alphabet: Results almost in line with expectations, shares rise – Science and Technology

Nivedita Balu

(Reuters) – Alphabet, Google’s parent company, released close-to-expected quarterly results on Tuesday, suggesting its search engine and ad business can weather a possible recession in major economies next year.

The group’s shares rose 3.5% after the close of trading on Wall Street.

The tech giant reported $69.69 billion in revenue between April and June, up 13% from last year, according to data from Refinitiv, with a consensus forecast of $69.88 billion.

Investors were worried about Alphabet’s results, while analysts were cautious about ad spending forecasts.

Fears were fueled by the disappointing results from Snap and Twitter as many tech companies cut or froze their hiring programs.

Due to rising wages and skyrocketing fuel prices in particular, companies have slashed their advertising budgets even for online advertising that was deemed essential during the COVID-19 lockdown.

The strength of the dollar is also putting pressure on the earnings of US multinationals from abroad.

Alphabet accounted for 81% of quarterly revenue and the group’s ad sales were $56.29 billion, slightly below the consensus estimate of $56.67 billion.

This marks the first time since 2015 that Google’s parent company has reported below-expected sales for two straight quarters after disappointing between January and March.

Alphabet reported quarterly earnings of $16 billion, or $1.21 per share, below Wall Street’s expectations of $1.29 per share.

(Report by Paresh Dave and Nivedita Baloo; French version by Jean Tertian)

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